The Lollipod is a sturdy and portable tripod for your smartphone

Lollipod hopes to be as portable as the smartphone or compact camera it will hold.

There's a new, extremely lightweight tripod in the ever-growing compact tripod market. The Lollipod was released this week as a portable, multi-purpose tool for smartphone and small camera users. Weighing in at 320 grams (0.7 pounds) including its carrying bag and measuring at one foot when fully closed, the Lollipod can hold smartphones, small cameras like a point and shoot or GoPro, and audio or lighting equipment.

Available for £34.99 in the UK and $55.66 in the US, the Lollipod comes in six different colors and expands to over three and a half feet. The tripod comes with a belt clip, carrying bag and an "innovative stabilization system," or what appears to be a mesh bag attached to the tripod's legs.